Shiba

Dogecoin

April

Shiba Inu

The meme cryptocurrency which took off in the bull run of 2020-2021 has now developed into a major trading category of the industry. This section of the market which was once limited to meme tokens like Dogecoin (DOGE), <a href="https://news.todayq.com/1-75-trillion-shiba-inu-moved-amid-price-dump-can-it-spark-upward-rally/" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB) and FLOKI, however, the period of 2023-2024 saw a surge of new meme crypto taking over the industry. Meme coin shower 
A report showed why this jump in new meme coins took place in the last two years. It mentioned accessibility by deployment deploying an ERC-20 token. The complex process has now become accessible to the average user.
This has single handedly led to a surge in the number of meme coins being launched. It added that 138 new meme coins had been registered on CoinMarketCap in April 2024. This is a huge surge from 18 meme cryptos launched in April 2023.
It is important to note that the high gas fee of the Ethereum blockchain has driven some degen activity to alternative chains like Solana. It has emerged as a popular platform for emerging cryptos. Other chains are also attracting joke coin projects. This is with some launching meme grants and funds to incentivize development.
ERC-20 is being projected as the dominant standard for fungible tokens. However, new standards like BRC-20 and others on different EVM chains have emerged. It is crucial to note that new standards such as BRC-721 and DN404 have introduced further diversity in token types.&nbsp;
The recent introduction of Runes on Bitcoin shows the growing trend of meme cryptos it had helped them to expand beyond Ethereum. What’s next? 
Given the proliferation of coins across various chains and standards, identifying the next big meme coin like $PEPE or $WIF has become increasingly challenging. Moreover, the vast majority of these new meme coins are likely to fail, making diversification essential for investors looking to participate in this space.
However, striking the right balance between diversification and concentration is crucial. Too little diversification could expose investors to significant risks, while excessive diversification may dilute potential gains and increase the likelihood of mistakes or burnout.
The meme based crypto market cap saw a marginal uptick over the past day. It now stands at $55.6 billion. Its total 24 hour trading volume stands at $5.14 billion. Dogecoin price is up 12% in the last 7 days. DOGE is trading at an average price of $0.15, at the press time.

138 meme coins take off in April 2024, Which will be next PEPE?

Todayq News

Other articles published on May 6, 2024

Join our free newsletter for daily crypto updates!